Sun | May 26, 2019

Port Authority gets US$20 million loan

Published:Monday | November 26, 2012 | 8:58 AM

The Cabinet has approved a Government guarantee of US$20 million to the Port Authority of Jamaica to refinance existing loans.



Minister with responsibility for Information, Senator Sandrea Falconer, said the loan had become necessary as the Authority has been adversely affected by the slow pace of recovery in advanced economies, such as the US and the financial challenges in the Eurozone.



Senator Falconer added that this impacted the expected rebounded in the shipment of containers through Jamaica.



She said Cabinet was advised that the Port Authority is moving to take advantage of the current low interest rates in the domestic market, in order to reduce cash outflows and promote cost containment, and improve productivity and operating efficiency.



According to Senator Falconer, the US$20 million loan guarantee will be used to make scheduled payments on loan facilities.



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